Company Information and Report Overview [Company Basic Information](index=1&type=section&id=Company%20Basic%20Information) Beijing Luzhu Biotechnology Co., Ltd. released its unaudited condensed consolidated interim results announcement for the six months ended June 30, 2025 - The reporting period covers the unaudited condensed consolidated interim results for the six months ended June 30, 2025[2](index=2&type=chunk) [Financial Highlights](index=2&type=section&id=Financial%20Highlights) The company significantly narrowed its pre-tax loss by 29.4% year-on-year in H1 2025, driven by substantial reductions in administrative and R&D expenses, despite decreased other income and net gains, and a sharp increase in finance costs H1 2025 Financial Highlights (RMB thousands) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Other income | 4,850 | 9,732 | (50.2) | | Other expenses | (585) | (189) | 209.5 | | Net other gains and losses | 2,405 | 6,255 | (61.6) | | Impairment loss recognized on property, plant and equipment | (5,441) | – | 100.0 | | Administrative expenses | (25,801) | (44,962) | (42.6) | | Research and development expenses | (50,273) | (80,376) | (37.5) | | Finance costs | (2,725) | (398) | 584.7 | | Loss before tax | (77,570) | (109,938) | (29.4) | | Income tax expense | – | – | – | | Loss and total comprehensive expenses for the period | (77,570) | (109,938) | (29.4) | [Business Highlights](index=2&type=section&id=Business%20Highlights) The company's core product LZ901 achieved significant progress in H1 2025, including the submission and acceptance of its Biologics License Application (BLA) to the NMPA, and head-to-head study results showing superior immunogenicity and safety compared to Shingrix® - Core product LZ901 submitted BLA to NMPA in January 2025 and was accepted in February[4](index=4&type=chunk) - LZ901 head-to-head comparative study successfully completed, results showed LZ901 induced superior cellular immunogenicity and exhibited better safety in adults aged 50 or above compared to recombinant glycoprotein E subunit vaccine HZ/su vaccine (Shingrix®)[4](index=4&type=chunk) - Annual general meeting approved the 2025 share award scheme, election/re-election of the fifth board of directors, and re-election of shareholder representative supervisors[5](index=5&type=chunk) Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's loss and total comprehensive expenses for the period significantly narrowed by 29.4% to RMB 77,570 thousand, with basic and diluted loss per share improving from RMB 0.54 to RMB 0.39 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousands) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Other income | 4,850 | 9,732 | | Other expenses | (585) | (189) | | Net other gains and losses | 2,405 | 6,255 | | Impairment loss recognized on property, plant and equipment | (5,441) | – | | Administrative expenses | (25,801) | (44,962) | | Research and development expenses | (50,273) | (80,376) | | Finance costs | (2,725) | (398) | | Loss before tax | (77,570) | (109,938) | | Income tax expense | – | – | | Loss and total comprehensive expenses for the period | (77,570) | (109,938) | Loss Per Share (RMB) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic | (0.39) | (0.54) | | Diluted | (0.39) | (0.54) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets less current liabilities increased to RMB 977,438 thousand, but net assets decreased to RMB 739,131 thousand, with non-current liabilities significantly rising due to increased bank borrowings and net current assets slightly decreasing Condensed Consolidated Statement of Financial Position (RMB thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Non-current assets** | | | | Right-of-use assets | 97,135 | 99,504 | | Property, plant and equipment | 502,813 | 457,588 | | Intangible assets | 8,615 | 8,329 | | Prepayments, deposits and other receivables | 3,074 | 12,166 | | Investment in an associate | 1,000 | – | | Time deposits | 1,005 | – | | **Subtotal** | **613,642** | **577,587** | | **Current assets** | | | | Materials | 4,398 | 5,735 | | Prepayments, deposits and other receivables | 15,640 | 13,461 | | Financial assets at fair value through profit or loss | 342,176 | 313,554 | | Cash and cash equivalents | 99,219 | 140,126 | | **Subtotal** | **461,433** | **472,876** | | **Current liabilities** | | | | Prepayments received and other payables | 86,168 | 97,037 | | Bank borrowings | 11,469 | 1,820 | | **Subtotal** | **97,637** | **98,857** | | **Net current assets** | **363,796** | **374,019** | | **Total assets less current liabilities** | **977,438** | **951,606** | | **Non-current liabilities** | | | | Lease liabilities | 12,992 | 12,619 | | Deferred government grants | 29,460 | 32,302 | | Bank borrowings | 195,855 | 53,094 | | **Subtotal** | **238,307** | **98,015** | | **Net assets** | **739,131** | **853,591** | | **Total equity** | **739,131** | **853,591** | Notes to the Condensed Consolidated Financial Statements [General Information](index=6&type=section&id=General%20Information) The company and its subsidiaries are primarily engaged in the research, development, and production of vaccines and therapeutic biologics in China, with financial statements presented in RMB - The Group is primarily engaged in the research, development, and production of vaccines and therapeutic biologics in China[9](index=9&type=chunk) - The condensed consolidated financial statements are presented in RMB[9](index=9&type=chunk) [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the disclosure requirements of the HKEX Listing Rules - Financial statements are prepared in accordance with IAS 34 and HKEX Listing Rules[10](index=10&type=chunk) [Principal Accounting Policies](index=6&type=section&id=Principal%20Accounting%20Policies) The financial statements are primarily prepared on a historical cost basis, except for certain financial instruments measured at fair value, with no significant impact from IFRS amendments applied during the period - Financial statements are primarily prepared on a historical cost basis, with some financial instruments measured at fair value[11](index=11&type=chunk) - Amendments to IFRS accounting standards applied during the period had no significant impact[12](index=12&type=chunk) [Segment Information](index=7&type=section&id=Segment%20Information) The Group has only one operating and reportable segment and recorded no revenue during the reporting period, with all non-current assets located in mainland China - The Group has only one operating and reportable segment[13](index=13&type=chunk) - For the six months ended June 30, 2025, the Group recorded no revenue[13](index=13&type=chunk) [Other Income](index=7&type=section&id=Other%20Income) Other income decreased by 50.2% year-on-year to RMB 4,850 thousand, primarily due to reduced government grants, despite increased sales revenue from VZV vaccine immunogenicity detection kits Composition of Other Income (RMB thousands) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Sales revenue from VZV vaccine immunogenicity detection kits | 1,473 | 650 | | Government grants (property and equipment) | 1,507 | 1,267 | | Government grants (right-of-use assets) | 1,335 | 1,335 | | Government grants (others) | 155 | 4,718 | | Interest income from bank balances and time deposits | 370 | 1,752 | | Interest income from lease deposits | 10 | 10 | | **Total** | **4,850** | **9,732** | - Other income decreased by **50.2%** year-on-year, primarily due to reduced government grants[3](index=3&type=chunk)[14](index=14&type=chunk) [Net Other Gains and Losses](index=7&type=section&id=Net%20Other%20Gains%20and%20Losses) Net other gains and losses decreased by 61.6% year-on-year to RMB 2,405 thousand, mainly affected by reduced fair value gains on financial assets at fair value through profit or loss and net foreign exchange losses Composition of Net Other Gains and Losses (RMB thousands) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Fair value gains on financial assets at fair value through profit or loss | 3,531 | 5,309 | | Net foreign exchange (losses) gains | (1,126) | 975 | | Loss on early termination of lease | – | (29) | | **Total** | **2,405** | **6,255** | - Net other gains and losses decreased by **61.6%** year-on-year, primarily due to reduced fair value gains on financial assets and a shift from foreign exchange gains to losses[3](index=3&type=chunk)[15](index=15&type=chunk) [Finance Costs](index=8&type=section&id=Finance%20Costs) Finance costs significantly increased by 584.7% year-on-year to RMB 2,725 thousand, primarily due to new bank borrowings Composition of Finance Costs (RMB thousands) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Interest on bank borrowings | 2,814 | 135 | | Interest on lease liabilities | 373 | 356 | | Total borrowing costs | 3,187 | 491 | | Less: Amount capitalized in construction in progress | (462) | (93) | | **Total** | **2,725** | **398** | - Finance costs increased by **584.7%** year-on-year, primarily due to the Group obtaining additional bank loans[3](index=3&type=chunk)[16](index=16&type=chunk) [Income Tax Expense](index=8&type=section&id=Income%20Tax%20Expense) The company and its Chinese subsidiaries incurred no income tax expense during the reporting period due to tax losses, and the Hong Kong subsidiary also had no taxable profits; as of June 30, 2025, the company had approximately RMB 789,760 thousand in unused tax losses - Due to tax losses incurred, the Company and its PRC subsidiaries had no income tax expense during the reporting period[18](index=18&type=chunk) - As of June 30, 2025, the Group's estimated unused tax losses amounted to approximately **RMB 789,760 thousand**[18](index=18&type=chunk) [Dividends](index=8&type=section&id=Dividends) The Board of Directors decided not to declare an interim dividend for the six months ended June 30, 2025 - No dividends were paid, declared, or proposed during the interim period[19](index=19&type=chunk) [Loss Per Share](index=9&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted loss per share were RMB 0.39, an improvement from RMB 0.54 in the prior year period Loss Per Share (RMB) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic | (0.39) | (0.54) | | Diluted | (0.39) | (0.54) | [Prepayments, Deposits and Other Receivables](index=9&type=section&id=Prepayments%2C%20Deposits%20and%20Other%20Receivables) As of June 30, 2025, total prepayments, deposits, and other receivables decreased to RMB 18,714 thousand from RMB 25,627 thousand at the end of 2024, mainly due to reduced prepayments for property, plant, and equipment purchases Prepayments, Deposits and Other Receivables (RMB thousands) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Recoverable value-added tax | 7,905 | 5,627 | | Prepayments for purchase of property, plant and equipment | 2,659 | 11,815 | | Prepayments to suppliers and service providers | 5,452 | 6,629 | | Lease deposits | 361 | 351 | | Receivables for diagnostic kits | 733 | - | | Others | 1,604 | 1,205 | | **Total** | **18,714** | **25,627** | [Prepayments Received and Other Payables](index=10&type=section&id=Prepayments%20Received%20and%20Other%20Payables) As of June 30, 2025, total prepayments received and other payables decreased to RMB 86,168 thousand from RMB 97,037 thousand at the end of 2024, primarily due to reduced payables for R&D activities Prepayments Received and Other Payables (RMB thousands) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Payables for acquisition of property, plant and equipment | 51,725 | 48,437 | | Payables for research and development activities | 29,911 | 41,808 | | Payables for intangible assets | 520 | 1,327 | | Accrued salaries and other allowances | 2,400 | 5,091 | | Other tax payables | 1,270 | 154 | | Others | 342 | 220 | | **Total** | **86,168** | **97,037** | [Share Capital / Treasury Shares](index=10&type=section&id=Share%20Capital%20%2F%20Treasury%20Shares) The company's share capital remained unchanged, but 1,759,200 H shares were repurchased during the period for approximately RMB 36,890 thousand, holding 3,219,200 treasury H shares at period-end for the 2025 Share Award Scheme - As of June 30, 2025, share capital remained at **202,450 thousand shares**, **RMB 202,450 thousand**[24](index=24&type=chunk) - During the reporting period, **1,759,200 H shares** were repurchased for a total consideration of approximately **RMB 36,890 thousand**[25](index=25&type=chunk) - As of June 30, 2025, **3,219,200 treasury H shares** were held, available for the 2025 Share Award Scheme[25](index=25&type=chunk) Management Discussion and Analysis [Business Review](index=11&type=section&id=Business%20Review) The company has established a diversified product pipeline leveraging its innovative precision protein engineering and Fabite® bispecific antibody platforms, with core product LZ901 achieving significant clinical and safety progress and planned commercialization in China by 2026 - The Group has established innovative precision protein engineering and Fabite® bispecific antibody development platforms, enabling full drug development cycles[26](index=26&type=chunk) - LZ901 has submitted BLA to NMPA and been accepted, with commercialization in China expected in **2026**[29](index=29&type=chunk) - LZ901 head-to-head study showed superior cellular immunogenicity and better safety in adults aged 50 or above, outperforming Shingrix®[29](index=29&type=chunk) [R&D of Pipeline Products](index=11&type=section&id=R%26D%20of%20Pipeline%20Products) The company has multiple pipeline products in vaccines and antibodies, with core product LZ901 in BLA stage, K3 and K193 in clinical trials, and six preclinical products - The Group's innovative antigen presentation technology for vaccine development aims to enhance immunogenicity, improve safety, and patient vaccination experience[26](index=26&type=chunk) - The Fabite® platform features fully controllable mechanism of action and administration, optimizing purification and stability of bispecific antibodies[26](index=26&type=chunk) [LZ901](index=11&type=section&id=LZ901) LZ901, the world's first recombinant zoster vaccine with a tetramer molecular structure, has submitted BLA in China and is expected to be commercialized in 2026, with US Phase I clinical trials anticipated to complete in Q3 2025 - LZ901 is the world's first zoster vaccine with a tetramer molecular structure, having completed Phase III clinical trial enrollment in China and submitted BLA[28](index=28&type=chunk)[29](index=29&type=chunk) - Phase I clinical trials for LZ901 in the US are expected to be completed in **Q3 2025**[30](index=30&type=chunk) [K3](index=12&type=section&id=K3) K3, a biosimilar of adalimumab for autoimmune diseases, has completed Phase I clinical trials, with Phase III clinical trials expected to commence as early as H2 2026 - K3 is a recombinant human anti-tumor necrosis factor-α monoclonal antibody injection, a biosimilar to Humira® (adalimumab)[31](index=31&type=chunk) - K3 has completed Phase I clinical trials, with Phase III clinical trials expected to commence as early as **H2 2026**[31](index=31&type=chunk) [K193](index=12&type=section&id=K193) K193, the world's first CD19/CD3 bispecific antibody with an asymmetric structure for B-cell leukemia and lymphoma, is currently in Phase I clinical trials and expected to complete in 2026 - K193 is the world's first CD19/CD3 bispecific antibody with an asymmetric structure, for treating B-cell leukemia and lymphoma[32](index=32&type=chunk) - K193 is currently in Phase I clinical trials, expected to be completed in **2026**[32](index=32&type=chunk) [Other Preclinical Pipeline Products](index=13&type=section&id=Other%20Preclinical%20Pipeline%20Products) As of June 30, 2025, the company had six preclinical pipeline products, including recombinant vaccines and bispecific antibodies - The Group has six preclinical pipeline products, including recombinant varicella vaccine, recombinant RSV vaccine, recombinant HSV-1 vaccine, recombinant HSV-2 vaccine, K333 bispecific antibody, and K1932 bispecific antibody[33](index=33&type=chunk) [Product Pipeline Overview](index=13&type=section&id=Product%20Pipeline%20Overview) The company's product pipeline covers two major categories: vaccines and antibodies, including core products LZ901 (zoster vaccine), K3 (monoclonal antibody), and K193 (bispecific antibody), as well as multiple preclinical recombinant vaccines and bispecific antibodies - Product pipeline includes LZ901 (zoster vaccine, China BLA, US Phase I), K3 (monoclonal antibody, China Phase I), K193 (bispecific antibody, China Phase I), and multiple preclinical vaccines and antibodies[35](index=35&type=chunk) [R&D and Manufacturing Facilities](index=13&type=section&id=R%26D%20and%20Manufacturing%20Facilities) The company possesses comprehensive in-house product discovery capabilities, with 18 R&D staff, 57 manufacturing staff, and 57 quality management staff, operating R&D and manufacturing facilities in Beijing and Zhuhai, and constructing new facilities in Beijing - The Group's in-house R&D team consists of **18 personnel**, possessing comprehensive product discovery capabilities[37](index=37&type=chunk) - The Group has R&D and manufacturing facilities in Beijing and Zhuhai, and is constructing a new facility in Beijing with a total gross floor area of approximately **45,072.87 square meters**[39](index=39&type=chunk) - The manufacturing team and quality management team each consist of **57 personnel**, committed to complying with GMP standards and quality control requirements[39](index=39&type=chunk) [Future and Outlook](index=14&type=section&id=Future%20and%20Outlook) The company plans to actively advance the clinical development and commercialization of its pipeline drugs, especially core product LZ901, and expand its product pipeline - Plans to actively promote the clinical development of pipeline drugs, especially core product LZ901[42](index=42&type=chunk) - Plans to rapidly advance the development of other preclinical pipeline products and formulate domestic and international commercialization strategies[42](index=42&type=chunk) - Plans to expand the product pipeline through independent development and/or collaborations[42](index=42&type=chunk) [Financial Review](index=14&type=section&id=Financial%20Review) The company's pre-tax loss narrowed by 29.4% year-on-year in H1, primarily due to significant reductions in administrative and R&D expenses, but other income and net other gains decreased, and finance costs sharply increased - Pre-tax loss decreased by **29.4%** from **RMB 109.9 million** to **RMB 77.6 million**[51](index=51&type=chunk) [Other Income](index=14&type=section&id=Other%20Income) Other income decreased by 50.2% to RMB 4.9 million, primarily due to reduced government grants - Other income decreased by **50.2%** to **RMB 4.9 million**, mainly due to reduced government grants[41](index=41&type=chunk) [Other Expenses](index=15&type=section&id=Other%20Expenses) Other expenses increased by 209.5% to RMB 0.6 million, reflecting increased costs of sold immunodiagnostic kits - Other expenses increased by **209.5%** to **RMB 0.6 million**, reflecting increased costs of sold immunodiagnostic kits[44](index=44&type=chunk) [Net Other Gains and Losses](index=15&type=section&id=Net%20Other%20Gains%20and%20Losses) Net other gains decreased by 61.6% to RMB 2.4 million, primarily due to reduced fair value gains on financial assets and decreased net foreign exchange gains - Net other gains decreased by **61.6%** to **RMB 2.4 million**, primarily due to reduced fair value gains on financial assets and decreased net foreign exchange gains[45](index=45&type=chunk) [Administrative Expenses](index=16&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 42.6% to RMB 25.8 million, mainly due to no share-based payment amortization expense in 2025 - Administrative expenses decreased by **42.6%** to **RMB 25.8 million**, mainly due to no share-based payment amortization expense in 2025[48](index=48&type=chunk) [Research and Development Expenses](index=16&type=section&id=Research%20and%20Development%20Expenses) R&D expenses decreased by 37.5% to RMB 50.3 million, primarily due to reduced expenses for LZ901 Phase III clinical trials - R&D expenses decreased by **37.5%** to **RMB 50.3 million**, primarily due to reduced expenses for LZ901 Phase III clinical trials[49](index=49&type=chunk) [Finance Costs](index=16&type=section&id=Finance%20Costs) Finance costs increased by 584.7% to RMB 2.7 million, primarily due to obtaining additional bank loans - Finance costs increased by **584.7%** to **RMB 2.7 million**, primarily due to obtaining additional bank loans[50](index=50&type=chunk) [Loss Before Tax](index=16&type=section&id=Loss%20Before%20Tax) Loss before tax decreased by 29.4% to RMB 77.6 million, primarily benefiting from reduced administrative and R&D expenses - Loss before tax decreased by **29.4%** to **RMB 77.6 million**[51](index=51&type=chunk) [Income Tax Expense](index=16&type=section&id=Income%20Tax%20Expense) The company and its Chinese subsidiaries incurred no income tax expense during the reporting period due to tax losses - No income tax expense was incurred during the reporting period as the Group recorded a loss[52](index=52&type=chunk) [Liquidity and Capital Resources](index=16&type=section&id=Liquidity%20and%20Capital%20Resources) The company's bank balances and cash decreased due to share repurchases, while bank borrowings significantly increased, leading to a rise in the gearing ratio to 31.2%, and capital expenditures decreased due to project completion - Bank balances and cash decreased by **RMB 39.9 million** to **RMB 100.2 million**, primarily due to share repurchases[53](index=53&type=chunk) - Bank borrowings increased to **RMB 207.3 million**, of which **RMB 11.5 million** is repayable within one year[54](index=54&type=chunk) - Gearing ratio increased from **18.7%** at the end of 2024 to **31.2%** as of June 30, 2025[58](index=58&type=chunk) [Bank Balances and Cash](index=16&type=section&id=Bank%20Balances%20and%20Cash) Bank balances and cash (including time deposits) decreased by approximately RMB 39.9 million to RMB 100.2 million, primarily due to share repurchases - Bank balances and cash decreased by approximately **RMB 39.9 million** to **RMB 100.2 million**, primarily due to share repurchases[53](index=53&type=chunk) [Bank Borrowings](index=17&type=section&id=Bank%20Borrowings) Bank borrowings increased to approximately RMB 207.3 million, with approximately RMB 11.5 million repayable within one year, secured by property and/or guarantees from controlling shareholders, and approximately RMB 397.7 million in unutilized bank facilities - Bank borrowings increased to approximately **RMB 207.3 million**, of which approximately **RMB 11.5 million** is repayable within one year[54](index=54&type=chunk) - Borrowings are secured by the Group's properties and/or guaranteed by Mr. Kong and Ms. Zhang, executive directors and controlling shareholders[54](index=54&type=chunk) - As of June 30, 2025, approximately **RMB 397.7 million** of bank facilities remained unutilized[54](index=54&type=chunk) [Pledge of Assets](index=17&type=section&id=Pledge%20of%20Assets) The Group's properties, including offices, laboratories, production bases, and construction in progress, have been pledged as security for bank borrowings and bank facilities - Properties have been pledged as security for bank borrowings and bank facilities[56](index=56&type=chunk) [Contingent Liabilities](index=17&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - The Group had no significant contingent liabilities[57](index=57&type=chunk) [Gearing Ratio](index=17&type=section&id=Gearing%20Ratio) As of June 30, 2025, the gearing ratio was 31.2%, an increase from 18.7% at the end of 2024 - Gearing ratio increased from **18.7%** as of December 31, 2024, to **31.2%** as of June 30, 2025[58](index=58&type=chunk) [Capital Commitments](index=17&type=section&id=Capital%20Commitments) Capital commitments decreased from approximately RMB 38.3 million to RMB 7.4 million, primarily due to the completion of certain construction projects - Capital commitments decreased from approximately **RMB 38.3 million** to approximately **RMB 7.4 million**, primarily due to the completion of certain construction projects[59](index=59&type=chunk) [Foreign Exchange](index=18&type=section&id=Foreign%20Exchange) The company primarily faces foreign exchange risks related to HKD and did not enter into any currency hedging transactions during the reporting period - The Group primarily faces foreign exchange risks related to HKD and did not enter into any currency hedging transactions[60](index=60&type=chunk) [Significant Investments, Acquisitions and Disposals](index=18&type=section&id=Significant%20Investments%2C%20Acquisitions%20and%20Disposals) During the reporting period, the Group had no significant investments, acquisitions, or disposals of subsidiaries, associates, and joint ventures - During the reporting period, the Group had no significant investments, acquisitions, or disposals[61](index=61&type=chunk) [Future Plans for Material Investments or Capital Assets](index=18&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the Group had no specific plans for material capital expenditures, investments, or capital assets - As of June 30, 2025, the Group had no specific plans for material capital expenditures, investments, or capital assets[62](index=62&type=chunk) Other Information [Interim Dividend](index=18&type=section&id=Interim%20Dividend) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[63](index=63&type=chunk) [Use of Net Proceeds from Global Offering](index=18&type=section&id=Use%20of%20Net%20Proceeds%20from%20Global%20Offering) The total net proceeds from the global offering amounted to approximately HKD 241.6 million; as of June 30, 2025, HKD 1.3 million was used for working capital, with HKD 105.0 million remaining unutilized and expected to be fully utilized by the end of 2027 - Total net proceeds from the global offering amounted to approximately **HKD 241.6 million**[64](index=64&type=chunk) Use of Net Proceeds from Global Offering (HKD millions) | Use of Proceeds | Net Proceeds Allocation (%) | Unutilized Amount as of Dec 31, 2024 | Amount Utilized for Six Months Ended June 30, 2025 | Unutilized Amount as of June 30, 2025 | Expected Timeline for Full Utilization of Remaining Global Offering Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | | For clinical development, manufacturing and commercialization of core product LZ901 | 58.2 | 46.0 | – | 46.0 | By end of 2026 | | To fund ongoing and planned clinical trials for LZ901 in China and the US | 40.2 | 2.3 | – | 2.3 | By end of 2026 | | To fund commercial manufacturing of LZ901 | 6.0 | 14.6 | – | 14.6 | By end of 2026 | | To fund marketing and sales activities | 12.0 | 29.1 | – | 29.1 | By end of 2026 | | For clinical development and manufacturing of K3 | 22.1 | 53.4 | – | 53.4 | By end of 2027 | | To fund planned clinical trials for K3 | 16.1 | 38.8 | – | 38.8 | By end of 2026 | | To fund commercial manufacturing of K3 | 6.0 | 14.6 | – | 14.6 | By end of 2027 | | For construction of Zhuhai Phase II commercial production facility | 16.1 | 0.1 | – | 0.1 | By end of 2026 | | For working capital and other general corporate purposes | 3.6 | 6.8 | 1.3 | 5.5 | By end of 2026 | | **Total** | **100.0** | **106.3** | **1.3** | **105.0** | | - As of June 30, 2025, **HKD 1.3 million** was used for working capital, with **HKD 105.0 million** remaining unutilized and expected to be fully utilized by the end of **2027**[65](index=65&type=chunk)[67](index=67&type=chunk) [Employees and Remuneration Policy](index=20&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 197 full-time employees, offering competitive remuneration, bonuses, and promotion opportunities through an evaluation system, while emphasizing employee training and social insurance contributions - As of June 30, 2025, the Group employed **197 full-time employees**[68](index=68&type=chunk) - The company determines remuneration, bonuses, and promotions through an evaluation system, provides training, and contributes to social insurance and housing provident funds[68](index=68&type=chunk)[69](index=69&type=chunk) [Employee Incentive Schemes](index=20&type=section&id=Employee%20Incentive%20Schemes) The company has a pre-IPO employee incentive scheme and a 2025 Share Award Scheme to motivate and retain talent; the 2025 scheme was approved by shareholders and effective, with 19,922,983 H shares available for granting at period-end - The company has a pre-IPO employee incentive scheme that does not involve granting new shares[70](index=70&type=chunk) - The 2025 Share Award Scheme was approved by shareholders and became effective, aiming to provide ownership interests and incentivize contributions[71](index=71&type=chunk) - As of June 30, 2025, **19,922,983 H shares** remained available for granting under the 2025 Share Award Scheme[71](index=71&type=chunk) [Pre-IPO Employee Incentive Scheme](index=20&type=section&id=Pre-IPO%20Employee%20Incentive%20Scheme) This scheme, adopted on December 15, 2021, does not involve granting new shares, with eligible participants granted interests in the employee incentive platform Hengqin Luzhu Limited Partnership - The pre-IPO employee incentive scheme was adopted on December 15, 2021, and does not involve granting new shares[70](index=70&type=chunk) [2025 Share Award Scheme](index=20&type=section&id=2025%20Share%20Award%20Scheme) This scheme was approved by shareholders on June 12, 2025, and became effective on June 13, aiming to provide ownership interests and incentivize contributions; as of the reporting period end, 19,922,983 H shares were available for granting, but no awards had been granted - The 2025 Share Award Scheme was approved by shareholders on June 12, 2025, and became effective on June 13[71](index=71&type=chunk) - As of June 30, 2025, **19,922,983 H shares** remained available for granting, but no awards had been granted[71](index=71&type=chunk) [Corporate Governance](index=21&type=section&id=Corporate%20Governance) The company complies with the Corporate Governance Code in Appendix C1 of the Listing Rules; despite the Chairman and CEO being the same person, the Board believes sufficient checks and balances are in place, and corporate governance practices will be regularly reviewed and strengthened - The company's corporate governance practices are based on the Corporate Governance Code in Appendix C1 of the Listing Rules[72](index=72&type=chunk) - The Chairman and CEO are the same person, but the Board believes there are sufficient checks and balances to protect the Group's and shareholders' interests[72](index=72&type=chunk) [Compliance with Model Code for Securities Transactions](index=21&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions) The company has adopted the Model Code set out in Appendix C3 of the Listing Rules, all directors and supervisors have confirmed compliance, and no breaches by relevant employees were identified - The company has adopted the Model Code set out in Appendix C3 of the Listing Rules[74](index=74&type=chunk) - All directors and supervisors have confirmed compliance with the Model Code, and no breaches by relevant employees were identified[74](index=74&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=22&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, the company repurchased 1,759,200 H shares for approximately HKD 39.7 million, holding 3,219,200 treasury H shares for the 2025 Share Award Scheme, and further repurchased 316,600 H shares after the reporting period - During the reporting period, the company repurchased a total of **1,759,200 H shares** for approximately **HKD 39.7 million**[75](index=75&type=chunk) - As of June 30, 2025, the company held a total of **3,219,200 treasury H shares**, available for the 2025 Share Award Scheme[76](index=76&type=chunk) - After the reporting period, the company further repurchased **316,600 H shares** in July 2025 for approximately **HKD 6.8 million**[76](index=76&type=chunk) [Events After Reporting Period](index=22&type=section&id=Events%20After%20Reporting%20Period) Other than those disclosed in this announcement, no significant events affecting the Group occurred from June 30, 2025, up to the date of this announcement - No significant events affecting the Group occurred after the reporting period, other than those disclosed[77](index=77&type=chunk) [Review of Interim Results](index=22&type=section&id=Review%20of%20Interim%20Results) The Audit Committee has reviewed the interim results and deemed them compliant with accounting standards and disclosure requirements; independent auditor Deloitte Touche Tohmatsu has reviewed the interim financial information in accordance with Hong Kong Standard on Review Engagements - The Audit Committee has reviewed the interim results and deemed them compliant with applicable accounting standards, rules, and regulations[78](index=78&type=chunk) - Independent auditor Deloitte Touche Tohmatsu has reviewed the interim financial information[78](index=78&type=chunk) [Publication of Interim Results and Interim Report](index=23&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This announcement has been published on the HKEX and company websites, and the interim report will be dispatched to shareholders and published on the aforementioned websites in due course - This announcement has been published on the HKEX website and the company's website[79](index=79&type=chunk) - The interim report will be dispatched to shareholders and published on the HKEX website and the company's website in due course[79](index=79&type=chunk) Definitions [Content of Definitions](index=23&type=section&id=Content%20of%20Definitions) This section provides definitions for key terms and abbreviations used in the report, ensuring consistent understanding of the report's content - This section provides definitions for key terms and abbreviations used in the report, such as BLA (Biologics License Application), FDA (U.S. Food and Drug Administration), and GMP (Good Manufacturing Practice)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk)

Core Insights - The company announced positive immunogenicity and safety data for its core product LZ901 in a head-to-head comparison with the HZ/su vaccine in adults aged 50 and above [1] Group 1: Study Details - A randomized, active-controlled, non-inferiority trial was conducted, enrolling 301 healthy adults aged 50 and above, with at least 291 receiving two doses of either LZ901 or HZ/su vaccine [1] - Results indicated that LZ901 induced superior cellular immunogenicity and demonstrated better safety compared to the HZ/su vaccine in the target demographic [1] Group 2: Product Information - LZ901 is a recombinant shingles vaccine developed by the company, aimed at preventing shingles and related complications in adults aged 40 and above [1] - The biological product license application for LZ901 has been accepted by the National Medical Products Administration of the People's Republic of China and is currently under review [1]

Core Insights - The company, Green Bamboo Bio-B (02480), announced positive immunogenicity and safety data from a head-to-head comparison trial of its core product LZ901 against the HZ/su vaccine (Shingrix®) in adults aged 50 and above [1] Group 1: Trial Details - The study was a randomized, active-controlled, and non-inferiority trial that recruited 301 healthy adults aged 50 and above, with at least 291 receiving two doses of either LZ901 or HZ/su vaccine [1] - Results indicated that LZ901 induced superior cellular immunogenicity and demonstrated better safety compared to the HZ/su vaccine in the target age group [1] Group 2: Product Information - LZ901 is a recombinant shingles vaccine developed by the company, aimed at preventing shingles and related complications, including postherpetic neuralgia, in adults aged 40 and above [1] - As of the announcement date, the biological product license application for LZ901 has been accepted by the National Medical Products Administration of the People's Republic of China and is currently under review [1]

Core Insights - The company, Green Bamboo Bio-B (02480.HK), announced positive immunogenicity and safety data for its core product LZ901 in a head-to-head comparison with the HZ/su vaccine (Shingrix®) in adults aged 50 and above [1] Group 1: Clinical Trial Results - A randomized, active-controlled, non-inferiority trial was conducted, enrolling 301 healthy adults aged 50 and above, with at least 291 receiving two doses of either LZ901 or HZ/su vaccine [1] - LZ901 demonstrated superior cellular immunogenicity and better safety profile compared to the HZ/su vaccine in the target demographic [1] Group 2: Product Development - LZ901 is a recombinant shingles vaccine developed by the company, aimed at preventing shingles and related complications, including postherpetic neuralgia, in adults aged 40 and above [1] - As of the announcement date, the biological product license application for LZ901 has been accepted by the National Medical Products Administration of China and is currently under review [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不會就因本公告全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2480） 自願性公告 LZ901頭對頭比較研究的積極臨床數據 本公告乃由北京綠竹生物技術股份有限公司（「本公司」，連同其附屬公司統稱為 「本集團」）自願作出，以告知本公司股東及潛在投資者本集團的最新業務發展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本集團核心產品LZ901與重組糖 蛋白E(gE)亞單位疫苗HZ/su疫苗(Shingrix®)進行頭對頭比較的一項隨機、主動對 照及非劣效性試驗，在50歲及以上成人中獲得了積極的免疫原性和安全性數據。 該研究招募了301名50歲或以上健康成人，其中至少291名健康成人接種了兩劑 LZ901或HZ/su疫苗。研究結果顯示，與HZ/su疫苗相比，LZ901在50歲或以上成 人中誘導出更優的細胞免疫原性和表現出更佳的安全性。 LZ901頭對頭比較研究的關鍵結果概述如下： 免疫原性結果 安全性及反應 ...

Group 1 - The company, Green Bamboo Bio-B (02480.HK), will hold a board meeting on August 26, 2025, to review and approve its interim results for the six months ending June 30, 2025, and to consider the proposal for an interim dividend, if any [1] - On July 17, the company repurchased 317,000 shares at a cost of HKD 6.841 million [1]

北京綠竹生物技術股份有限公司（「本公司」及其附屬公司「本集團」）董事（「董 事」）會（「董事會」）謹此宣佈，本公司將於二零二五年八月二十六日（星期二）舉 行董事會會議，以（其中包括）考慮及批准本公司及其附屬公司截至二零二五年六 月三十日止六個月的未經審核綜合中期業績以及考慮派發中期股息（如有）之建 議。 承董事會命 北京綠竹生物技術股份有限公司 主席兼執行董事 孔健先生 中國北京，二零二五年八月十四日 於本公告日期，董事會包括執行董事孔健先生、蔣先敏女士及張琰平女士；非執 行董事馬驫先生及孔雙泉先生；以及獨立非執行董事侯愛軍女士、梁偉業先生及 梁冶矢先生。 北京綠竹生物技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2480） 董事會會議日期 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Beijing Luzhu Biotechnology Co., Ltd. ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北京綠竹生物技術股份有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02480 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 202,449,032 | RMB | | 1 RMB | | 202,449,032 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 202,449,032 | RMB | | 1 RMB | | 202,449,032 | 本月底法定/註冊股本總額： RMB 202,449,032 備註： ...

Core Viewpoint - The Hong Kong stock market is experiencing a surge in share buybacks amid increasing market volatility, with 22 companies repurchasing a total of 16.22 million shares worth 31.93 million HKD on July 17 [1][3]. Group 1: Company Buyback Activities - Green Bamboo Bio-B led the buyback activities with a repurchase amount of 6.84 million HKD, buying back 316,600 shares at prices ranging from 20.70 to 22.50 HKD, and has repurchased a total of 46.55 million HKD this year [3]. - China Eastern Airlines (referred to as "Eastern Airlines") followed closely with a buyback of 6.42 million HKD, acquiring 2.20 million shares at prices between 2.88 and 2.95 HKD, and has a cumulative buyback amount of 571 million HKD this year, making it one of the most active companies in the market [3][4]. - China International Marine Containers (CIMC) repurchased 656,200 shares for 4.50 million HKD, with a total buyback amount of 47.32 million HKD this year [3]. Group 2: Market Trends and Analyst Insights - The buyback activities reflect a broader trend where companies are taking advantage of stock prices being below their intrinsic value, aiming to enhance earnings per share and optimize capital structure [4]. - Analysts suggest that the large-scale buybacks by leading companies not only support stock prices but may also trigger investor interest in industry valuation restructuring [4]. - The ongoing buyback trend is closely linked to positive expectations regarding macroeconomic conditions and industry recovery, particularly in sectors like aviation, as seen with Eastern Airlines' continuous buybacks amid a recovering airline industry [4].

Summary of Key Points Core Viewpoint - On July 17, 22 Hong Kong-listed companies conducted share buybacks, totaling 16.22 million shares and an aggregate amount of HKD 31.93 million [1]. Group 1: Buyback Details - The company with the highest buyback amount on July 17 was Green Bamboo Bio-B, repurchasing 316,600 shares for HKD 6.84 million, with a maximum price of HKD 22.50 and a minimum price of HKD 20.70, bringing its total buyback amount for the year to HKD 46.55 million [1][2]. - China Eastern Airlines repurchased 2.2 million shares for HKD 6.42 million, with a maximum price of HKD 2.95 and a minimum price of HKD 2.88, accumulating a total buyback amount of HKD 571 million for the year [1][2]. - CIMC Group bought back 656,200 shares for HKD 4.50 million, with a maximum price of HKD 6.92 and a minimum price of HKD 6.72, totaling HKD 47.32 million in buybacks for the year [1][2]. Group 2: Other Notable Buybacks - Mengniu Dairy repurchased 200,000 shares for HKD 3.37 million, with a maximum price of HKD 16.88 and a minimum price of HKD 16.78, totaling HKD 224.48 million for the year [2]. - China Xuyang Group bought back 1.04 million shares for HKD 2.63 million, with a maximum price of HKD 2.54 and a minimum price of HKD 2.51, accumulating HKD 161.02 million for the year [2]. - Miniso repurchased 57,400 shares for HKD 1.99 million, with a maximum price of HKD 35.10 and a minimum price of HKD 34.60, totaling HKD 302.68 million for the year [2].